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Volatility can be OK and can add to option premiums, but volatility also can work against the fund if option expirations happen to coincide with interim tops or bottoms of the market. This is why the portfolio managers have a three month sleeve in place at all times.BXMX has a low management fee for a CEF at 0.92% and currently offers a 7.2% current market yield. One other reason why I like BXMX is that I believe Nuveen will change its quarterly pay distribution schedule for its equity based CEFs like BXMX to monthly pay sometime in 2017, following the lead of Eaton Vance (NYSE:EV) and BlackRock (NYSE:BLK) over the last few years.In terms of performance, you can expect BXMX's NAV to hold up better than the S 500 in a flat to down market though it will generally underperform in a bull market.

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